Rising China Everbright profit beats expectations
Environmental protection firm's profits for 2012 rise by 40 per cent, pushing up its share price
China Everbright International's net profit surged 40 per cent to HK$1.12 billion last year, beating a Bloomberg consensus estimate of HK$982 million.
The environmental protection company's share price in Hong Kong rose 3.4 per cent to HK$5.16 yesterday.
Everbright's turnover from continuing operations dipped 2 per cent to HK$3.41 billion.
The company has discontinued its operation of a mainland toll bridge, the revenue from which plunged 58.4 per cent to HK$73.56 million.
Everbright hopes to benefit from the mainland government's 12th five-year plan for waste treatment, issued in May last year. Under the plan, the mainland's daily processing capacity of waste to energy is expected to grow at an annual rate of 28 per cent from 89,625 tonnes in 2011 to 307,155 tonnes in 2015.